The broader market indices witnessed a pullback in April 2024. The Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Average (DJIA) fell about 4.46%, 4.16%, and 5%, respectively. Against this backdrop, we examined the Buy and Sell transactions carried out by investors maintaining a TipRanks Smart Portfolio, seeking a better understanding of trading patterns during the month.
April’s Most-Bought Stock
Chip giant Nvidia (NASDAQ:NVDA) was the most bought stock in April. Investor confidence in NVDA stems from its leadership in the artificial intelligence (AI) sector and its impressive financial performance. The company’s chips are in high demand due to the widespread adoption of generative AI, providing a solid platform for growth.
Is NVIDIA Stock a Buy, Sell, or Hold?
With 39 Buys and two Hold recommendations, Nvidia stock has a Strong Buy consensus rating. Further, NVDA stock has gained nearly 83% year-to-date. Thus, analysts’ average NVDA price target of $978.59 implies a limited upside potential of 8.07% from current levels.
In addition to Nvidia, let’s look at the other most-bought stocks for April.
Top 10 Most-Bought Stocks
Observing the investment trends in April, we discovered investors continued to trade tech stocks, primarily with a focus on AI. Here is the list of the most-bought stocks for April:
- Nvidia Microsoft (NASDAQ:MSFT)
- Amazon (NASDAQ:AMZN)
- Apple (NASDAQ:AAPL)
- Tesla (NASDAQ:TSLA)
- Meta Platforms (NASDAQ:META)
- Advanced Micro Devices (NASDAQ:AMD)
- Alphabet (NASDAQ:GOOGL)
- Chevron (NYSE:CVX)
- Taiwan Semiconductor (NYSE:TSM)
April’s Most-Sold Stock
Tesla was the most sold stock by investors maintaining a TipRanks Smart Portfolio. The softness in Electric Vehicle (EV) demand, increased competition in China, a decline in average selling prices, and pressure on margins have weighed on Tesla stock.
It’s worth noting that Tesla stock has significantly underperformed the broader indices and is down over 28% year-to-date.
Is Tesla a Buy or Sell?
The ongoing demand and margin headwinds keep analysts sidelined on Tesla stock. With eight Buys, 15 Holds, and nine Sell recommendations, TSLA stock sports a Hold consensus rating. Analysts’ average price target on TSLA stock is $173.29, implying 2.54% downside potential.
While Tesla was the most sold stock, let’s examine the full list for April.
- Tesla
- Apple
- Nvidia
- Amazon
- Microsoft
- Meta Platforms
- Advanced Micro Devices
- Alphabet
- Alibaba (NYSE:BABA)
- Palantir (NYSE:PLTR)
We’ll return shortly with the top-traded stocks from May 2024. While you wait, keep an eye on market trends with ease by tracking your portfolio’s performance using the TipRanks Smart Portfolio tool.
